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Auto stocks tumble, but technician says one has breakout potential

October 3, 2018


Auto stocks have hit the skids.

Over the past three months, trade worries and weak sales drove General Motors, Ford, Fiat Chrysler and Toyota to their lowest level of the year. Disappointing declines in monthly car sales for GM and Ford added to the industry’s pain on Tuesday.

Technician Frank Cappelleri is steering clear of all but one auto stock.

“I wouldn’t call any of them technically attractive right now, but if I had to pick one, it’d be Toyota,” Instinet’s chief market technician said Tuesday on CNBC’s “Trading Nation.”

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